North Carolina

ARA Newmark Brokers $69.3M Sale of Adaptive Reuse Apartment Community in Downtown Durham

by John Nelson May 30, 2017

DURHAM, N.C. — ARA Newmark has arranged the $69.3 million sale of Liberty Warehouse, a former tobacco warehouse in downtown Durham that has been converted into a 247-unit apartment community. Chapel Hill, N.C.-based East West Partners delivered the asset this year before selling to New York-based Duck Pond Realty, a private, family-owned investment firm. Sean Wood of ARA Newmark represented East West Partners in the transaction. Liberty Warehouse commands some of the highest rental rates in downtown Durham and features a resort-style pool, yoga room, private terrace, bike share program and 24,000 square feet of retail space.

May 30, 2017

Multifamily North Carolina Southeast

Continental Realty Purchases Apartment Community in Raleigh for $61M

by John Nelson May 25, 2017

RALEIGH, N.C. — Continental Realty Corp. has acquired The Edison Lofts, a 223-unit apartment community located at 131 E. Davie St. in Raleigh. The Baltimore-based firm purchased the asset from The NRP Group for $61 million. Sean Wood of ARA Newmark’s Charlotte office brokered the off-market transaction. Built in 2016 by NRP, The Edison Lofts is a seven-story midrise community featuring studio, one- and two-bedroom apartments ranging in size from 550 to 1,870 square feet. Community amenities include a garden courtyard, resort-style swimming pool, outdoor kitchen and grilling area, dog park, fitness center and clubroom with a resident lounge and billiards room. A direct access structured parking garage is available for both The Edison Lofts residents and visitors.

May 25, 2017

North Carolina Office Southeast

Sealed Air Opens New Office, R&D Campus in Charlotte

by John Nelson May 24, 2017

CHARLOTTE, N.C. — Sealed Air Corp., the company behind brands such as Bubble Wrap and Cryovac, has opened its new office and research campus within LakePointe Corporate Center in Charlotte. Situated south of the Charlotte Douglas International Airport, the project features two office buildings totaling 220,000 square feet, a 170,000-square-foot research and development laboratory and two parking decks. Designed by Atlanta-based tvsdesign, the property is expected to house 1,300 of Sealed Air’s employees. Amenities at the campus include a fitness center, cafeteria and social spaces, including an outdoor pavilion.

May 24, 2017

Mixed-Use North Carolina Office Southeast

F.N.B. Corp. to Anchor 22-Story Mixed-Use Tower in Downtown Raleigh

by John Nelson May 24, 2017

RALEIGH, N.C. — F.N.B. Corp., parent company of First National Bank, has signed on as the anchor tenant of a planned 22-story office and residential tower at 501 Fayetteville St. in downtown Raleigh. Named FNB Tower, the project will feature 150,000 square feet of Class A office space, 240 residential units and street-level retail space, including a branch of First National Bank. F.N.B. Corp. will occupy more than 40,000 square feet of office space with options to expand to accommodate future growth. The developer, Dominion Realty Partners, is aiming for FNB Tower to be LEED Platinum-certified. The groundbreaking for FNB Tower will take place this December, with delivery anticipated by the summer of 2019. CBRE | Raleigh will handle FNB Tower’s office and retail leasing responsibilities, and Dominion Realty will manage the property once complete. Gregg Broujos and Kathy Gigac of Colliers International and David Thor of JLL represented F.N.B. Corp. in the lease transaction.

May 24, 2017

Multifamily North Carolina Southeast Tennessee

Capital One Closes $61.6M in Fannie Mae Financing for Two Southeast Apartment Communities

by John Nelson May 23, 2017

CORDOVA, TENN. AND HIGH POINT, N.C. — Capital One Multifamily Finance has originated $61.6 million in two Fannie Mae loans for the refinancing of two apartment communities in the Southeast. The financing included a $25.6 million loan for Lincoln at Wolfchase, a 408-unit apartment community located in Cordova, about 15 miles east of Memphis. The other deal was a $36 million loan for Laurel Springs Apartments, a 501-unit multifamily community in High Point. Chad Thomas Hagwood and Brandon Pate of Capital One Multifamily Finance’s Birmingham, Ala., office arranged both 12-year, fixed-rate loans on behalf of the borrower, EBSCO Income Properties. Laurel Springs was financed under Fannie Mae’s Green Building Certification program.

May 23, 2017

North Carolina Retail Southeast

FCA Partners Purchases 125,000 SF Shopping Center in North Raleigh for $19.1M

by John Nelson May 18, 2017

RALEIGH, N.C. — FCA Partners LLC has acquired Celebration at Six Forks, a 125,000-square-foot retail center located at the intersection of Six Forks and Sawmill roads in north Raleigh. The Charlotte-based investment management firm purchased the asset from a high net worth fiduciary based in New Jersey for $19.1 million. Built in 1978, the shopping center was 95 percent leased at the time of sale to tenants such as Fitness Connection, The UPS Store, Dollar General, Domino’s, McDonald’s and BB&T Bank. FCA intends to upgrade Celebration at Six Forks with painting, façade improvements, lighting, landscaping and adding outdoor seating.

May 18, 2017

North Carolina Retail Southeast

Alamo Drafthouse Cinema to Open First N.C. Location in Raleigh

by John Nelson May 18, 2017

RALEIGH, N.C. — Alamo Drafthouse Cinema, an Austin, Texas-based theater chain, plans to open its first North Carolina theater in Raleigh. The Alamo Drafthouse Raleigh will feature 11 screens, 660 reclining seats and a bar and restaurant with 36 local beers on tap. Situated within the Longview Shopping Center on New Bern Avenue and King Charles Road, the theater is expected to open by the end of the year and employ roughly 160 people.

May 18, 2017

North Carolina Retail Southeast

Kite Selects Hendrick Construction to Expand Target-Anchored Shopping Center in Metro Raleigh

by John Nelson May 17, 2017

HOLLY SPRINGS, N.C. — Kite Realty Group Trust has selected Hendrick Construction to expand Holly Springs Towne Center, a Target-anchored shopping center located at the intersection of N.C. 55 and New Hill Road in the Raleigh suburb of Holly Springs. The Charlotte-based general contractor will expand the retail center by 22,250 square feet to make way for retailers such as 02 Fitness. Existing tenants at Holly Springs Towne Center include Marshalls, Pier 1, Ulta Beauty, Dick’s Sporting Goods, Petco, Michaels, Bed Bath & Beyond, DSW and a nine-screen AMC Theatres location. Hendrick Construction expects the additional space to be ready for interior buildout this summer.

May 17, 2017

Mixed-Use North Carolina Southeast

American Realty Advisors, Stonemar Buy Ballantyne Village in Charlotte for $43.2M

by John Nelson May 11, 2017

CHARLOTTE, N.C. — American Realty Advisors and Stonemar Properties have partnered to acquire Ballantyne Village, a 171,559-square-foot mixed-use development located at 14825 Ballantyne Village Way in Charlotte. The sales price was undisclosed, but the Charlotte Business Journal reports that the buyers purchased the asset from a limited liability corporation controlled by Vision Ventures and Mount Vernon Asset Management for $43.2 million. Situated near Ballantyne Corporate Park, which recently sold for more than $1 billion, the development features 13 dining options, two schools, personal services providers, office space and outdoor gathering areas. Rob Carter, David Webb, Rad von Werssowetz and Alex Quarrier of Berkeley Capital Advisors represented the seller in the transaction.

May 11, 2017

Multifamily North Carolina Southeast Student Housing

Vesper Buys Student Housing Community Near University of North Carolina at Greensboro for $36.5M

by John Nelson May 11, 2017

GREENSBORO, N.C. — Vesper Holdings has acquired Campus Crossing Sherwood Forest, a 790-bed student housing community located near the University of North Carolina at Greensboro, for $36.5 million. The property comprises one-, two-, three- and four-bedroom units. Community amenities include a 12,000-square-foot clubhouse, swimming pool, hot tub, fitness center, rock wall, spin and yoga studios, a computer lab, game room, movie theater, tanning beds and a volleyball court. The new ownership plans to rebrand the community and execute $1.8 million worth of renovations to units, shared amenities and the property’s exterior. Vesper acquired the asset from an undisclosed, local owner in the off-market transaction.

May 11, 2017

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